When is the sale complete at auction? -
....ANSWER...when the auctioneer so announces by
the fall of the hammer or in other customary
manner.
If a bid comes in while the hammer is falling, what
can happen next? - ....ANSWER...The auctioneer can
reopen the bidding or he can declare the item sold
for the bid under which the hammer was falling.
True or False. All auctions are with reserve unless
otherwise stated. - ....ANSWER...True.
,Can an auctioneer withdraw an item in a reserve
auction? - ....ANSWER...Yes.
Can an auctioneer withdraw an item in an absolute
auction? - ....ANSWER...Generally No; unless there is
no bid in a reasonable time period.
In a recent estate auction, Bill changed his mind
after he bid on a 1955 Chevy Pickup. What happens if
he retracts his bid before the auction ends? -
....ANSWER...The auctioneer can start the bidding
again and no prior bid is revived.
What happens if an auctioneer receives a bid on the
seller's behalf or from the seller and he does not
give notice to other bidders? - ....ANSWER...The
bidder can quit the auction or buy the item at the last
bid price.
What constitutes a "sufficient" financing statement? -
....ANSWER...Must include: The name of the debtor.
The name of the secured party. The property being
used as security (collateral).
,If a financial statement covers "to be extracted"
goods (timber) or fixtures that are attached to real
property, what must it include to be "sufficient"? -
....ANSWER...1. Notice that it will be filed in the public
record. 2. Indicates that it covers this type of
collateral 3. A description of the real property to
which the collateral is related. 4. If the debtor does
not have an interest in the real property, the name of
the person(s) that has an interest.
Define "wholesaler." - ....ANSWER...a person who
sells for the purpose of resale and not directly to a
consuming purchaser
What must an ad for a "going out of business" sale
include? - ....ANSWER...The name of the business
owner and the correct business address.
Chattel is defined
as_________________________________________. -
....ANSWER...Anything that is not real property.
Personal property.
Business law defines a "person"as
_________________________________________. -
, ....ANSWER...an individual, partnership, corporation,
association, or other group, however organized
True or Fales. A "consumer" is any person or entity
that seeks to buy goods or services. -
....ANSWER...False. A business consumer with more
than $25M in assets does not fall in the "consumer"
category and is treated different by the law.
"Knowingly" means... - ....ANSWER...means actual
awareness, at the time of the act or practice
complained of, of the falsity, deception, or unfairness
of the act or practice giving rise to the consumer's
claim
Is the state considered a business consumer? -
....ANSWER...No.
Economic damages is... - ....ANSWER...compensatory
damages for pecuniary loss, including costs of repair
and replacement.
Name the different types of residences. -
....ANSWER...Single family house, duplex, triplex,
quadraplex, multi-unit when title is conveyed such
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